Business, 23.03.2020 06:17 nitoad

2. What type of market is Huy Fong targeting with its sriracha sauce?

3. Of the four categories of segmentation variables, which is most important to Huy Fong’s segmentation strategy, and why?

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Answer from: johnplog2924

The answers to both questions are explained below, The Huy Fong's marketing aspect is discussed.

Explanation:

2. "Huy Fong's Food Inc." is a firm that sells California-based Sriracha sauce. It has also formed partnerships with a number of businesses in order to supply a wide range of items based on its approved flavor.

Huy Fong is clearly employing the "monopolistic competition" market because it is open to competition from other competitors.

Hung Fung is not the only company that sells sriracha sauce; Tabasco and Heinz do as well. It has, nevertheless, been dubbed the most genuine and original of all.

Huy Fung Sriracha sauce stands out from the crowd because of its unique flavor. In this regard, the corporation has a monopoly on the market.

3. Huy Fung's segmentation technique prioritizes "demographic" among the four types of segmentation factors. Women & men in the United States between the ages of 20 and 30 are the company's target market.

This is the demographic on which the company is concentrating its efforts. These people are thought to be good at budgeting, so they should be able to buy the sriracha sauce.

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Answer from: samstuart10p3g96w

Answers with Explanations:

1. What type of market is Huy Fong targeting with its Sriracha sauce?

"Huy Fong's Food Inc." is a company that sells Sriracha sauce made in California. It has also partnered with several companies in order to provide variety of products based on its official flavor.

Since Huy Fong is open to competition with other rivals, it is clear that the company is using the "monopolistic competition" type of market. Hung Fung is not the only company that sells sriracha sauce, other companies like Heinz and Tabasco are also selling the same sauce.

However, it has been branded as the most authentic and original of all. Such uniqueness of the Huy Fung Sriracha sauce makes it stand out from the rest. In this aspect, the company is monopolizing the competition.

2. Of the four categories of segmentation variables, which is most important to Huy Fong's segmentation strategy, and why?

Of the four categories of segmentation variables, "demographic" is the most important to Huy Fung's segmentation strategy. The company's target market are men and women who belong to the age range of 20-30 in the United States.

This is the specific population that the company is focusing on. These people are considered to be budgeting their money and in that sense, they'd be able to afford the sriracha sauce.

Answer from: Quest

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Answer from: Quest

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2. What type of market is Huy Fong targeting with its sriracha sauce?

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